[Bitcoin Now] Trading Volume Increases Despite 'Crash'... Weakness Following Powell's Remarks

Average Daily Trading Volume This Month $34,078,650,000
Increase Compared to April Due to Panic Selling Impact

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Lee Jung-yoon] Despite concerns over a global economic recession causing Bitcoin prices to plummet this month, trading volume has actually increased compared to April, before the impact.

According to an analysis of data from CoinMarketCap, a global cryptocurrency market tracking site, the average daily Bitcoin trading volume from the 1st to the 21st of this month was $34.07865 billion (approximately 44.2682 trillion KRW), while last month, when the Luna Classic incident occurred, the average daily trading volume was $35.14265 billion. These figures represent increases of 23.16% and 27.00%, respectively, compared to April’s trading volume of $27.67053 billion (approximately 35.944 trillion KRW).

The increase in average daily trading volume this month and last month compared to April appears to be influenced by panic selling triggered when Bitcoin prices plummeted. On the 12th of this month, Bitcoin was priced in the $27,000 range but dropped to the $22,000 range the following day, with average daily trading volume jumping from $34.16322 billion to $68.2456 billion, nearly doubling. Similarly, on the 8th and 9th of last month, Bitcoin prices fell by more than $3,000, causing trading volume to rise from $36.76304 billion to $63.35549 billion, an increase of 1.72 times.

Bitcoin prices, which ranged between $37,000 and $46,000 in April, fell to the $26,700 range last month due to the Luna Classic incident. When the price of TerraUSD (UST), a stablecoin designed to be pegged to $1, dropped, its sister coin Luna Classic also experienced a cascading crash. This month, prices declined further due to the U.S. Federal Reserve’s giant step (a 0.75 percentage point interest rate hike) and recession concerns, with prices hitting the $17,000 range on the 19th for the first time since November 2020.

Meanwhile, as of 11 a.m. on the day, Bitcoin was priced at $20,375 (approximately 26.5 million KRW), down 0.72% from the previous day. Bitcoin prices weakened after Federal Reserve Chair Jerome Powell mentioned the possibility of a recession. On the 22nd (local time), Powell appeared before the U.S. Senate Banking Committee and responded "there is a possibility" when asked if interest rate hikes could lead to a recession, also confirming that the rate hike policy could continue.

This content was produced with the assistance of AI translation services.